Explore the transformative power of AI in Asian banking

Ahead of the Asian Banking and Finance Summit, XiXun Asia CEO and Founder Fridolin Blumer opens up on the role of AI in transforming the industry.

In an eagerly awaited session at the upcoming Asian Banking and Finance Summit in Singapore, industry experts will gather to discuss the challenges and opportunities in the sector; and one of them will be Fridolin Blumer, CEO and founder of XiXun Asia.

Blumer heads a boutique management consulting firm specialising in digital transformation for banks and in this pre-summit interview, told Asian Banking and Finance that their objective is to enhance bank services and product offerings whilst simultaneously improving operational efficiency and risk management.

“Our main area is in helping banks transform their strategy into a digital blueprint and an executable roadmap,” said Blumer as he laid out his expectations for the panel discussion.

During the interview, he stressed the importance of leveraging artificial intelligence or AI to tackle the challenges faced by the industry.

“I think we see a technology that doesn’t need to desperately search for its use cases,” he said, citing how AI offers numerous use cases, making it a technology that does not require a long search for applications.

He envisioned a scenario where an AI-powered system can proactively identify a customer's financial shortfall and provide immediate solutions. “Imagine at the end of the month, as a retail customer, you’re facing a shortfall. And the system just says a filling up short in two days, click here and a credit line of $500 is released to your account.”

The XiXun Asia CEO added: “Imagine in wealth management tailor-made proposal generated by AI, combining market insights and trends, past client behavior and store preferences. And the AI system will recommend investing in certain asset classes or industries, where it predicts they will outperform in the near future.”

Speaking about his excitement for the summit, Blumer highlighted the value of face-to-face interactions in a post-pandemic world.

“I hope that the visitors to the summit will enjoy the panel and take away three things. First, to better understand if AI is a fad or here to stay. Then hopefully, we hear firsthand what companies should look at when embarking and leveraging AI. And last but not least, to get some real-life examples from the panelists and motivation to further explore AI,” Blumer said.

As the banking industry continues to embrace digital transformation and harness the power of AI, the upcoming summit stands as a testament to the progressive mindset of Asian banks, paving the way for a more innovative and efficient banking landscape.

For more updates and news on the Asian banking and finance sector, visit asianbankingandfinance.net.